Why you should start your Poringland lease extension

Top reasons for lease extension now:

Increase your lease and increase your Poringland property value

The re-sale value of a leasehold property in Poringland is impacted by how many years the lease has remaining. If it is near to or fewer than eighty years you should expect problems on re-sale, so it is recommended to arrange for the lease to be extended before buying. It is preferable to start the lease extension process when a lease still has 82 years to run so that a lease extension can be addressed well before the 80 year mark. Leasehold Reform legislation entitles Poringland qualifying lessees to acquire a lease extension of 90 years on top of the remaining length of the lease at a peppercorn rent (that is, rent free). The reason of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not issue a mortgage with a short lease

Most banks and building societies will not lend on a lease with less than 70 years unexpired - although this varies between mortgage companies. A buyer will likely encounter difficulties in obtaining a mortgage and this will result in your Poringland property becoming difficult to dispose of or refinance.

What makes us experts in Poringland lease extensions?

Regardless of whether you are a tenant or a freeholder in Poringland,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Poringland valuers.

Poringland Lease Extension Case Studies:

Alfie, Poringland, Norfolk,

Alfie owned a conversion apartment in Poringland on the market with a lease of a few days over fifty eight years remaining. Alfie informally contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Alfie to invoke his statutory right. Alfie procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Poringland case:

Last Autumn we were called by Mr and Mrs. M Bernard , who moved into a garden apartment in Poringland in April 2010. The question was if we could estimate the premium could be to extend the lease by 90 years. Comparative properties in Poringland with a long lease were worth £260,000. The average ground rent payable was £50 collected quarterly. The lease lapsed on 6 October 2098. Given that there were 72 years left we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.

Poringland case:

In 2011 we were contacted by Mrs Francesca Adams who, having moved into a purpose-built apartment in Poringland in August 2005. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by a further 90 years. Comparable properties in Poringland with a long lease were worth £261,600. The mid-range ground rent payable was £60 collected monthly. The lease finished on 23 July 2078. Considering the 52 years left we estimated the compensation to the landlord for the lease extension to be within £39,000 and £45,000 not including legals.